System and method for insurance underwriting and rating

a technology applied in the field of system and method of insurance underwriting and rating vehicles, can solve the problems of insurance providers unable to insure vehicles, wiring may be more likely to malfunction, and new damage is likely to be amplified

Inactive Publication Date: 2008-12-18
CARFAX
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

For example, if the vehicle has been in a flood, then its wiring may be more likely to malfunction potentially leading to an accident.
Likewise, if the vehicle has previously sustained major damage and is in a subsequent accident, insurers may believe that the new damage is likely to be amplified due to a weakened structure or the previous use of aftermarket parts.
If an insured fails to make this disclosure and the insurance company discovers this failure during the evaluation of a claim, the insurance company may elect to modify its claim payments or deny the claim in its entirety.
If the vehicle is determined to have a particular title brand, the insurance provider may decline to insure the vehicle.
However, relying solely on prospective annual mileag...

Method used

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  • System and method for insurance underwriting and rating
  • System and method for insurance underwriting and rating
  • System and method for insurance underwriting and rating

Examples

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Embodiment Construction

[0027]FIG. 1 is a schematic diagram of a system in accordance with one example embodiment of the present invention which can be used to underwrite an insurance policy and, where a decision is made to write a policy, to provide a rating of the insurance policy. Initially, it should be understood that the term “insurability” may be used to describe the capability to underwrite an insurance policy and, in cases where a decision is made to write a policy, to rate the insurance policy based upon information provided by embodiments of the present invention. Also, the term “underwriting” encompasses both the act of deciding whether or not to offer a policy to an applicant / vehicle as well as the act of assigning an applicant / vehicle to a particular policy class based upon the risk posed by the applicant / vehicle. Thus when underwriting a policy for an applicant, the insurance company may elect to assign the applicant / vehicle to a preferred policy class, assign the applicant / vehicle to an at ...

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Abstract

An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.

Description

CROSS REFERENCE TO RELATED DOCUMENTS[0001]This application claims priority to provisional patent application No. 60 / 907,899 entitled “System and Method for Insurance Underwriting and Rating,” filed Apr. 20, 2007, the entire disclosure of which is hereby incorporated by reference herein.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]The present invention is directed to a system and method of insurance underwriting and rating vehicles. In particular, the present invention is directed to such system and method in which insurance underwriting and rating are provided based on vehicle history attributes.[0004]2. Description of Related Art[0005]The vehicle industry is perhaps one of the largest industries in many industrialized regions of the world. As a result, the market for used vehicles, and especially automobiles, has evolved into a substantial market, especially in North America, and in particular, the United States and Canada.[0006]Those parties involved in insuring...

Claims

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Application Information

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IPC IPC(8): G06Q40/00
CPCG06Q10/10G06Q40/08G06Q30/0278
Inventor RAINES, RICHARDNESSON, ERICLACKEY, DAVIDFRITTS, TRAVISBUSH, IAN
Owner CARFAX
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